Dave offers industry-leading APY for all
members to grow their money
LOS
ANGELES, Aug. 1, 2023 /PRNewswire/ -- Dave
(Nasdaq: DAVE), one of the nation's leading neobanks, today
announced a 4.00% annual percentage yield (APY) on both Dave
Spending and Goals accounts for members in search of high-yield
savings opportunities on all of their accounts. Dave members only
need a Dave Spending account in order to access the 4.00% APY. Dave
Spending and Goals are the equivalent of checking and savings
accounts, respectively. Dave is the only neobank offering a
higher-than-average 4.00% APY for both
accounts1 in an industry that typically
only offers interest on savings accounts.
"More than half of Americans are living paycheck to paycheck and
they don't have the luxury to set aside money only in a savings
account to earn interest, which is why bringing 4.00% APY to our
checking account, Dave Spending, is a game changer for the
industry," said Jason Wilk, CEO and
founder of Dave. "We're excited for our members to start seeing
their hard-earned money grow in all Dave accounts."
Members will earn interest monthly and it will be deposited into
accounts on the first day of every month. To ensure a seamless
banking experience, members have unlimited transfers between their
Spending and Goals accounts, allowing them to maintain control and
flexibility over their finances.
Additionally, Dave members can boost earnings with Round Up, a
feature that automatically rounds up purchases to the nearest
dollar and deposits the spare change into members' Goals accounts,
where it starts earning interest immediately. With Round Up,
members can set aside money for savings and automatically save
more. Members have auto-saved $1.4
million in total since Round Up launched in March 20232.
With Dave Spending, members can avoid overdraft fees, minimum
deposit fees, or account closing fees. They can effortlessly manage
their money based on their financial goals, while now earning a
competitive interest rate on cash in both their Spending and Goals
accounts. Adding APY rates to Spending and Goals is part of Dave's
ongoing effort to give consumers a financial leg up. For more
information on Dave Spending, please visit:
https://dave.com/spending-account.
ABOUT DAVE
Dave (Nasdaq: DAVE) is a leading U.S.
neobank and fintech pioneer serving millions of everyday Americans.
Dave uses disruptive technologies to provide best-in-class banking
services at a fraction of the price of incumbents. Dave partners
with Evolve Bank & Trust, member FDIC. For more information
about the company, visit: www.dave.com. For investor
information and updates, visit: investors.dave.com/ and follow
@davebanking on Twitter.
CONTACT
Media Contact
Kira Sarkisian
press@dave.com
1 Based on the FDIC Monthly Rate Cap
Information as of June 20, 2023.
2 Dave. (2023) Unpublished internal
company data.
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SOURCE Dave